Koontz Company manufactures a number of products. The standards relating to one of these products are shown below, along with actual cost data for May. Standard Cost per Unit Actual Cost per Unit $ 7.60 $ 8.14 Direct materials: Standard: 1.90 feet at $4.00 per foot Actual: 1.85 feet at $4.40 per foot Direct labor: Standard: 1.10 hours at $16.00 per hour Actual: 1.15 hours at $15.40 per hour Variable overhead: Standard: 1.10 hours at $9.00 per hour Actual: 1.15 hours at $8.60 per hour Total cost per unit Excess of actual cost over standard cost per unit 17.60 17.71 9.90 $35.10 9.89 $35.74 $0.64 The production superintendent was pleased when he saw this report and commented: "This $0.64 excess cost is well within the 4 percent limit management has set for acceptable variances. It's obvious that there's not much to worry about with this product- Actual production for the month was 17,500 units. Variable overhead cost is assigned to products on the basis of direct labor-nours. There were no beginning or ending inventories of materials. Required: 1. Compute the following variances for May: a. Materials price and quantity variances. b. Labor rate and efficiency variances. c. Variable overhead rate and efficiency variances. 2. How much of the $0.64 excess unit cost is traceable to each of the variances computed in (1) above. 3. How much of the $0,64 excess unit cost is traceable to apparent inefficient use of labor time